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DoingBusinessLithuania.com » Business enviroment
 
Lithuania's economy is  one of the  fastest-growing economies in Central and Eastern Europe.

Lithuanias's geographical position in the region enables the country to be active both from the north to the south and  from the west to the east directions, adn to use the advantages provided by its geographical position to the maximum extent possible.

The Baltic region is a very important intersection point for both transport and trade roads in the middle of the European continent. Lithuania's geographical position is convenient for transit, two recognized transport corridors of continental importance cross the country's territory.

Currency

The official currency in the Republic of Lithuania is the litas which constitutes 100 cents.
Litas is pegged to the euro and the  official exchange rate is LTL 3.4528 for EUR 1

Investment

The Law on Investment provides for the following types of foreign investment in the Republic of Lithuania:
1) Establishment of an undertaking, acquisition of capital or a part thereof of an undertaking registered in the Republic of Lithuania;
2) Acquisition of any type of securities;
3) Building, acquisition of fixed assets or increase of their value;
4) Lending funds or other assets to undertakings where the investor owns a part of the capital entitling in to control the undertaking or exert a considerable influence upon it;
5)Implementation of concession and leasing contracts.


Employment of foreigners

Non EU citizen intending to work in Lithuania is required to obtain a work permit, unless he complies with the terms that do not require such permit. Together with the work permit, the alien intending to reside in Lithuania is required to obtain a permit for temporary or permanent residence in the Republic of Lithuania.

Regardless of the type of employment in Lthuania, the EU citizens are obliged to declare their place of residence in the Republic of Lithuania, if they intend to work here at least 3 months within half of a year.

An employee's hourly rate or monthly salary cannot be less than the minimum hourly rate or minimum monthly salary as set by Goverment of the Republic of Lithuania. The current legislation provides for a minimum hourly rate of EUR 1.40 and  amonthly salary of EUR 231,69 for work in normal working conditions.
 
 
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